SEC Proposes Cross-Border Security-Based Swap Rules and Guidance

On May 23, 2013, the SEC published in the Federal Register proposed rules and guidance for applying Title VII of the Dodd-Frank Act to cross-border security-based swap (SB Swap) activities and non-U.S. persons. Recognizing the broad impact that Dodd-Frank's cross-border application will have, the SEC also reopened the comment periods for several outstanding SB Swap rulemakings for 60 days.